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CLEVELAND, Ohio – Come Sunday, January 1st, a new world will open up for sports fans in Ohio. Gambling, that quintessential American pastime that has risen above its former disrepute and continues to enjoy a niche as entertainment, begins legally.

And if the last time you bet on a trip to Las Vegas was knowing that Bernie Kosar could help the Browns beat the spread (if not win the game), then you’re in for some changes.

Betting has become more involved and it is not because of gamblers or sports. This is due to technology and creativity.

Through real-time live-pace technology, bets can be placed before and during games. And bookmakers have opened up multi-game betting in a number of ways.

We spoke with Bob Wankel, director of performance media services at XLMedia, a partnership with cleveland.com, and Adam Suliman, senior vice president of sports and digital gaming at Jack Entertainment, to give us some guidance. Here’s a primer to help you navigate the world of betting:

When legal gambling opens in Ohio, bettors will have the option to bet through apps and other options.

Determined by state. In most — like Ohio — you have to be 21.

With so many options ready to open in Ohio — whether through apps, kiosks, or brick-and-mortar — the question really should be what you can’t bet on. In addition to pro soccer, European and other leagues, Australian rules football, boxing, cricket, golf, the Tour de France and rugby, New Jersey-based Wankel says all four major sports — the NFL, Major League Baseball, NBA and NHL — are on the horizon. , handball, mixed martial arts and more. In New Jersey, he said, people can even bet on professional darts. Expect Ohio to be the market standard in this regard. Sports eligible for betting, along with nuances and betting regulation, fall under the Ohio Casino Control Commission, said Cleveland-based Suliman. “It’s a pretty broad list,” he said.

It’s fun here. Bettors can choose between individual games with a point spread or money line, player suggestions, in-game bets and games (we’ll get to those in a minute):

• The point differential is the amount by which one team is favored to win. So if Buffalo is listed at -4.5, Miami is favored to win by at least 5 points. With Miami listed at +4.5, they could lose the game by less than 5 points and anyone betting on them wins. If the favored team scores more points than the points difference, they are said to have covered the difference.

• Over-under is a predetermined number of points that both teams will score. If Cleveland and New England are playing and you think the final score will be around 21-10 and the over-under is 40, bet under. If the teams score less than 40 points, you win. If the final score is 38-35, they passed – and you lose.

• Moneyline allows gamblers to pick the team that will win outright. The money line “takes the points out of the equation,” Wankel said. “You’d just pay more money for the favorite and make more money on the back end than you would on the down side.” So if the money line is -135, that means you have to risk $135 to win $100. In a recent game, the 10-3 playoff Kansas City Chiefs were 1-11-1 against a Houston team with 14 points. The money limit for the Chiefs was -900. The Texans had +600.

• Player suggestions allow you to bet on specific players, events or achievements. Will Aaron Rodgers throw for 260 yards in the next game? Will Deshaun Watson throw a touchdown on Sunday? How many bags can be protected? “You can pick dozens and dozens of ‘markets’ within the same game and build up these same-game parlays, which have become extremely popular,” Wankel said.

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• In-game, or micro-bets, are real-time bets that didn’t exist years ago. “Microbetting is basically in-game live betting on short-term results,” Wankel said. “Let’s say I don’t want to sit down for three hours tonight. I have $25 and I don’t want to watch the whole game; I just want a faster result. You can bet on the first quarter. But you can go even smaller. Right before the game starts, I can bet on the instant result. Is the next pass complete or incomplete? Does this drive cross the 50 yard line? In baseball, is the next pitch a ball, a strike, a foul ball, or a put? This can be a fun and interesting way to watch the game. Have you ever sat down and watched a game and said, “I know this guy’s going to get a hit here,” or “I know they’re going to kick it over the middle for a 25-yard gain?” For those types of people, you can play it in certain apps right now – it’s fun, but it can also be problematic.

Suliman added, “I think it helps customers find those smaller markets within the game. You look at it, the second half is coming up and you say, ‘Man, I feel good that my Browns are going to pull this off.'” You can only bet in the second half or even just the third quarter. It’s definitely evolved quite a bit.”

But Suliman noted how the odds can and should change during the game. If you’re going to bet on Nick Chubb scoring a touchdown on the next play and it’s third-and-inches from the 1-yard line, the odds are pretty good that the Browns will give it up to him.

“The information that determines the risks associated with these bets comes so quickly because these markets are micro markets,” he said. “Now, thanks to data connections with the leagues and others, we can price those markets very accurately and very quickly.”

Years ago, the odds were set in stone in the morning. Now, Suliman said, “The technology that we’ve put in place here at Ohio State allows us to be a lot smarter about how we price these games, and we think it’s a lot more fun for customers because it allows us to serve more markets.”

Microbetting, i.e. in-game bets, is allowed.

A parlay is when you combine multiple bets into one bet. They are very attractive and popular.

Take three NBA games for example. Let’s say you think Cleveland can win their game by 5.5 points. And you believe Atlanta can cover 6.5 in their game. But you think the San Antonio Spurs, favored to lose by 7.5 points, can close the gap. You can bet on games individually, but if you combine them, you can bet as one joint bet.

Plus: Parlay odds pay off with a bigger amount. The downside? If you miss one, you lose the game.

Here’s the interesting thing. Years ago, mixing and matching was not allowed in legal betting circles. Many books didn’t allow you to leave the league, so you couldn’t even mix NFL and college football games. Now? You can choose most anything you want. The more legs – games, tender bets, whatever – you choose, the bigger the payout. But remember, “If you lose one, the whole thing gets washed away,” Wankel said.

Wankel said a standard example would be this: You can bet three games at -110 individually. But together, this trio of games would bring the odds to +595. This means you risk $100 to win $595. If you add a fourth bet to the bundle, the odds can rise to +1228. But the odds can change drastically as some bets allow for flexibility.

“You can do a lot more and have a lot more options in your bets,” Wankel said.

“It’s a big part of what has made sports betting so popular in the United States,” Suliman said of allowing bettors to create parlays.

“People really have a lot more flexibility in terms of what they can bet on when it comes to the ballgame, and not just the pregame — betting on the Cavaliers to win, the Browns to win, the Guardians to win the World Series next year, you can parlay something like this now where you couldn’t do 20 or 30 back.

Jack Entertainment is also offering an expanded game of the same game, Suliman said. “Now I’m not only betting on the Browns to win, but Nick Chubb to score the first touchdown of the game and also three field goals. I can create this parlay on the mobile app and it will automatically price. It makes for a fun combination and the returns on those bets are pretty high. Obviously, the risk is higher .”

Another option, Suliman said, is the ability to cash out before all the games are over. It’s not offered everywhere, and it’s intriguing. This allows you to quit when you are ahead.

“It’s relatively new in the United States and allows customers to cash out their bets,” he said. “Let’s say you’re in that 14-foot parley. And you guessed five out of 14 games, right? But you don’t feel good about the rest of the games. You can withdraw this money. And so you can take some money off the table, sort of with the middle bet. Not every bet can be cashed out, but many of them are.

By the way, the odds of hitting, say, a 10-footer are very slim—remember, you have to win every market—but a dollar bet can add up to a few hundred bucks.

To avoid ties, which in betting terminology is called a “push”. If a team is favored by 6 and wins 27-21, nobody wins. We can’t have that, can we? This is America. So the odds build by half a point. If the team favored by 5.5 points wins 27-22, they did not cover the difference, so the underdog wins. However, the integer is occasionally used. The draw results in “no harm, no harm — free entertainment, as I call it,” Wankel said.

When creating a line, bookies look at many variables. Sometimes a wrench is thrown into the calculations and bookmakers do not offer the game or take it off from betting. Games marked “OFF” – meaning “out” – cannot be bet on. This happens when, for example, one team is a heavy favorite and loses a key player, resulting in a potentially different result. Or if the game starts playing during a catastrophic snowstorm. Sometimes the game freezes from the beginning. At other times it can be pulled down, but bets made up to that point still count. And other times it can be moved momentarily while operators determine how to move the line.

Good advice: familiarize yourself with sports betting and always bet within your means.

Then again, this is America, right? Almost everything is taxable. The standard is -110, Wankel said, so if you lose, you pay it. So if you want to risk $100, you are actually risking $110. This amount is subject to change. Bookies can tip the tax to one side when there is added “action” – more money – bet on one team. This means that it can go up to -115 from time to time.

“We put these products out, we take risks with these products, and we have a small profit margin,” Suliman said. While it is usually -110, it can vary as much as -105 or -120 depending on the betting market, he added.

The usual standard minimum is 10 cents, Wankel said. Maximum amounts vary.

If the game is popular, the maximum bet amount can be set, Suliman added.

“The lows we’re less concerned about, but there are certainly highs, and that varies from market to market. There are certain types of betting markets that are very strong, very liquid, like NFL Sunday or Monday Night Football – there are a lot of bets in the system. So we can take a bit more than we would say about a tennis match – there’s less information about that particular match than there is about a Monday Night Football game. He said betting limits provide “risk mitigation”.

Bets can be made at collegiate schools across the state of Ohio, Suliman said. In New Jersey, Wankel can’t contribute to the state’s public schools. “If I cross a bridge in Pennsylvania, I can’t bet on Princeton-Rutgers.” Wankel said they try to create “distance” between the players on the field and the action of the game, for example. To what extent this will help regulate the industry remains to be seen. In Ohio, betting is allowed in public schools. (That compensation has potentially huge implications in January. Ohio State will play Georgia in the College Football Playoff semifinals on Dec. 31. If they win, the Buckeyes will play either Michigan or TCU for the national championship on Monday, Jan. 9. Expect a lot of money to be played in the Buckeye State for this game .)

The notion that only a handful of cigar-chomping dudes poked around the room studying the variables of a couple of teams before setting the odds is inescapable. “It varies a little bit,” Wankel said.

“In general, there are companies that use these odds in real time because it’s so advanced and so dependent on technology that there are actually sports betting odds companies that offer these odds to sportsbooks.”

But the “human element” is there, he said. Professional oddsmakers come in and determine the initial lines. But the swings and prices are done on the technical side, he said.

Suliman expanded on this: “There’s still a bit of an art to it. The volume of data to trade markets is much stronger now than it used to be. We have real-time data streams coming in all the time. You really have to build models. I wouldn’t call it AI, but you have to digest that data and make risk- and trading decisions.

“But there’s also a human element. And there’s certainly a lot of traders that we’re focused on every day saying, ‘Hey, does this make sense?’ We see the data coming in, but is it right? Because the betting market, people , who bet on the game, tell us it’s not right.” And so they have to make some sort of risk decision.

From single games to games and more, bettors have several betting options available.

Sports betting coming to Ohio on January 1, 2023: Your questions answered

Many sites show the percentage of money wagered on specific teams, Wankel said. But he does raise an important point about “data giving you an edge.”

“You go back 20 years and say, ‘Oh, I’d kill to know.’ even with all the information we have, you can be the most informed player, have all the stats and the most accurate data and make really informed decisions, much more than before, but it’s not foolproof.

Multiple deposit and withdrawal methods are available, Wankel said. For apps, you have a digital account. Online banking, PayPal, Venmo and other options are offered. Jack offers cashiers, automated kiosks and the betJack mobile app. Cash redemption terminals will also be positioned so that you can insert a winning ticket to receive your cash.

The bettor can see his account balance online through the applications. If you win or lose, your account goes up or down. However, gamers should be aware that introductory sign-up bonuses and incentives may have an expiration date upon registration on certain apps. And Wankel said the apps have an organizer that does the bookkeeping for you and tracks your bets.

Bettors should check the terms and conditions based on the bookmaker they are using. The year is standard for a winning ticket.

You go to the site and an intuitive guide appears, Wankel said. A roll of games will be displayed. You will see different “markets” with odds. For example, Arizona vs. New England, where the Patriots are -2.5. If you want New England, press -2.5. The second window will ask you how much you want to bet. A window will appear asking how much you want to bet. Enter the amount, confirm the bet and a receipt will be displayed.

Ohio State and Michigan are sure to draw bets. Could the lineup change due to the number of fans betting on the game?

“If these operators were market specific, that could be a consideration,” Wankel said. “But the thing you have to look at is that these operators are now in more than a dozen states.” He said one site doesn’t offer Michigan -4 and another site offers -2. “It’s a regulated market. It wouldn’t work. People are advanced enough to find a way to take advantage of it. It would be too easy for someone to drive across the state line to place a bet. It would be even easier to pick up the phone. “What’s to stop you from calling your uncle To New York and say, ‘Hey, I’ll bet five grand in Michigan; you’ll get two extra points there.’ … In terms of market swings, I don’t think there’s much.”

Suliman put it bluntly: “Betting behavior does not control the line.”

“What would stop you is just general market conditions. And so I think most sports betting operators have understood exactly what you’re talking about.

Could someone bet in Toledo, then drive across the border to Michigan and bet another line there?

“You find the odds are the same, the lines are the same,” Suliman said. “And that’s because the odds and lines are really based on the probability of the outcome, not the amount of betting that actually happens. It’s a bit of a myth, at least in today’s sports betting world, that sports betting companies adjust the odds or the line based on how much money they’re taking in.

Still, he added, sometimes there’s a lot of action in one team after punters learn of the development after the initial lineup is set. For example, the athlete could have tweeted something revealing about his health. The row can move accordingly.

In a sense. If that were true, it’s no longer because of the countless microbetting in-game bets.

Wankel said: “It’s not that easy because of the diversification of the betting markets available. They can never control the markets… is the next pitch going to be a strike? You’re never going to deal with that because you never know how many people are betting on a given game in a market like that, and you never know how much they’re betting. They can’t even control that split. That being said, huge amounts of money come in from their regular, more traditional bets. In a perfect world, you deduct the tax on that, and that’s a pretty good business model.

“The best advice I can give people is to try it in an environment where you’re not going to lose your money, right? Try it until you understand the rules,” said Suliman, who said the free-to-play BetJack training camp has “all the real betting markets that will be available on January 1. So for curious customers, people who maybe don’t know much about sports betting, it’s a good way to get in there, mess around with sports betting, make different types of bets, see what you like, see what you don’t like, without to have real money in the game, it’s a good way to practice and get your hands around it because it’s a different animal than it was 20 or 30 years ago.

“There’s nothing worse than losing a bet if you didn’t understand the rules,” Suliman said.

“Don’t bet beyond your means,” Wankel said. “It can be fun, it can be entertaining, it can add to the entertainment element of being in the game. But it’s easy – and a lot of people have – to get caught up in it. You have to set boundaries and stick to them. You can’t chase a loss and turn one into a bad one bet seven bad bets and you’ll be extended beyond your means.Use it for what it is – an entertainment item, not something you’re trying to change your financial future with.

What is Futures Predictions & where to find them in Ohio sportsbooks

Everything you need to know to bet on player props in Ohio

Online Gambling in Ohio: Everything You Need to Know Before You Get Started

I’m on the cleveland.com Life & Culture team, covering food, beer, wine and sports. If you want to see my stories, here is the cleveland.com directory. WTAM-1100’s Bill Wills and I talk about food and drink, usually Thursday mornings at 8:20. Twitter: @mbona30.

If you purchase a product or register an account through a link on our site, we may receive compensation.

If you or a loved one have questions and need to talk to a professional about gambling, call the Ohio Problem Gambling Helpline at 1-800-589-9966 or the National Gambling Program Tipline (NCPG) at 1-800-522-4700 or visit 1800gambler.net for more information.

Who is the king of bet?

21+ and present in Ohio. Read also : OHIO’s Master of Sports Administration program is ranked top 2 in the world by SportBusiness for the 11th year in a row. Problem with gambling? Call 1-800-Gambler.

If you purchase a product or register an account through a link on our site, we may receive compensation.

Is Okocha the owner of BetKing?

Floyd “Money” Mayweather is the king of gamblers as well as the world’s highest-paid athlete, and he’s no stranger to placing huge bets on everything from football to basketball.

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Who is the betting favourite? The favorite is the team or individual who will win a particular event. For example, the Kansas City Chiefs are a -7 point favorite over the Denver Broncos, which means the Chiefs are expected to win by seven points.Betking in Nigeria is owned by Okocha and co-founded by Adekunle Adeniji. Nigerian football legend and Austin Jay Jay Okocha acted as the official crown of the game.Name
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Byron PetzerFounder, CEO
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